This paper analyzes the advantages of legal digital currencies and explores their impact on bank big data practices.By combining bank big data collection and processing,it clarifies that legal digital currencies can e...This paper analyzes the advantages of legal digital currencies and explores their impact on bank big data practices.By combining bank big data collection and processing,it clarifies that legal digital currencies can enhance the efficiency of bank data processing,enrich data types,and strengthen data analysis and application capabilities.In response to future development needs,it is necessary to strengthen data collection management,enhance data processing capabilities,innovate big data application models,and provide references for bank big data practices,promoting the transformation and upgrading of the banking industry in the context of legal digital currencies.展开更多
This study investigates the static and dynamic return and volatility spillovers between non-fungible tokens(NFTs)and conventional currencies using the time-varying parameter vector autoregressions approach.We reveal t...This study investigates the static and dynamic return and volatility spillovers between non-fungible tokens(NFTs)and conventional currencies using the time-varying parameter vector autoregressions approach.We reveal that the total connectedness between these markets is weak,implying that investors may increase the diversification benefits of their multicurrency portfolios by adding NFTs.We also find that NFTs are net transmitters of both return and volatility spillovers;however,in the case of return spillovers,the influence of NFTs on conventional currencies is more pronounced than that of volatility shock transmissions.The dynamic exercise reveals that the returns and volatility spillovers vary over time,largely increasing during the onset of the Covid-19 crisis,which deeply affected the relationship between NFTs and the conventional currencies markets.Our findings are useful for currency traders and NFT investors seeking to build effective cross-currency and cross-asset hedge strategies during systemic crises.展开更多
This study examines the connectedness between the US yield curve components(i.e.,level,slope,and curvature),exchange rates,and the historical volatility of the exchange rates of the main safe-haven fiat currencies(Can...This study examines the connectedness between the US yield curve components(i.e.,level,slope,and curvature),exchange rates,and the historical volatility of the exchange rates of the main safe-haven fiat currencies(Canada,Switzerland,EURO,Japan,and the UK)and the leading cryptocurrency,the Bitcoin.Results of the static analysis show that the level and slope of the yield curve are net transmitters of shocks to both the exchange rate and its volatility.The exchange rate of the Euro and the volatility of the Euro and the Canadian dollar exchange rate are net transmitters of shocks.Meanwhile,the curvature of the yield curve and the Japanese Yen,Swiss Franc,and British Pound act mainly as net receivers.Our static connectedness analysis shows that Bitcoin is mainly independent of shocks from the yield curve’s level,slope,and curvature,and from any main currency investigated.These findings hint that Bitcoin might provide hedging benefits.However,similar to the static analysis,our dynamic analysis shows that during different periods and particularly in stressful times,Bitcoin is far from being isolated from other currencies or the yield curve components.The dynamic analysis allows us to observe Bitcoin’s connectedness in times of stress.Evidence supporting this contention is the substantially increased connectedness due to policy shocks,political uncertainty,and systemic crisis,implying no empirical support for Bitcoin’s safe-haven property during stress times.The increased connectedness in the dynamic analysis compared with the static approach implies that in normal times and especially in stressful times,Bitcoin has the property of a diversifier.The results may have important implications for investors and policymakers regarding their risk monitoring and their assets allocation and investment strategies.展开更多
BACKGROUND The recent rise in the incidence of hepatitis B virus(HBV)infections in a densely populated city of eastern India(“mixing vessel”of people of varied socioeconomic and immune status)prompted this study.App...BACKGROUND The recent rise in the incidence of hepatitis B virus(HBV)infections in a densely populated city of eastern India(“mixing vessel”of people of varied socioeconomic and immune status)prompted this study.Applying saliva on fingers for enumerating bank notes is a common practice in the Indian subcontinent.Paper notes may be a potential source of“horizontal”transmission of this virus,especially if there are cuts/bruises on the oral mucous membrane or skin.AIM To investigate whether paper currencies could be a plausible mode of horizontal transmission of HBV infection.METHODS Polymerase chain reactions(PCR)followed by nucleotide sequencing was done for the detection of HBV.Hepatitis B virus surface antigen enzyme-linked immunosorbent assay(HBsAg ELISA)was performed on all HBV deoxyribonucleic acid-positive samples to check the detectability of the virus.Atomic force microscopy(AFM)was carried out for visual confirmation of HBV particles in ultracentrifuged/immunoprecipitated samples from currency paper washings.RESULTS HBV-specific PCRs on pellets obtained after ultracentrifugation/immunoprecipitation of the currency paper washings detected potentially intact/viable HBV(genotype D2)in 7.14%of samples(n=70).AFM gave the visual confirmation of HBV particles in ultracentrifuged/immunoprecipitated samples from currency paper washings.However,HBV isolates from the currency notes could not be detected by HBsAg ELISA.CONCLUSION It is a common practice in the Indian subcontinent to count paper currencies by applying saliva on fingertips.Paper notes may be a potential source of“horizontal”transmission of this virus,especially if there are cuts/bruises on the oral mucous membrane or skin,but it was practically not possible to demonstrate experimentally such transmission.Detection of potentially intact/viable and“occult”HBV from currency poses potential risk of silent transmission of this virus among the general population.展开更多
The earliest paper currencies in existence in China were handcrafted during the Yuan dynasty.These currencies were scientifically excavated from different ruins or tombs,whereas scientific analyses of the papers are r...The earliest paper currencies in existence in China were handcrafted during the Yuan dynasty.These currencies were scientifically excavated from different ruins or tombs,whereas scientific analyses of the papers are rare.This study used optical and scanning electron microscopy to examine the fibers collected in Yuan dynasty paper currencies in conjunction with the Herzberg staining method.Despite differences in circulation period,paper fibers in both Zhi Yuan Tong Xing Bao Chao(two Guan)and Zhong Tong Yuan Bao Jiao Chao(one Guan and 500 Wen,issued in Zhi Zheng period)were identified as similar papermaking materials,bast fibers of mulberry bark.The results indicate that mulberry bark,a durable papermaking material used since ancient times,was mainly utilized as a raw material in these Yuan dynasty paper currency.This fiber identification work solved the critical problem of papermaking material in the Yuan dynasty paper currency and provided important information for conserving these precious cultural relics.展开更多
Central Bank Digital Currencies (CBDCs) may offer transformativeopportunities for tax policy and administration, particularly if features like program-mability and enhanced transparency are implemented. Automating fis...Central Bank Digital Currencies (CBDCs) may offer transformativeopportunities for tax policy and administration, particularly if features like program-mability and enhanced transparency are implemented. Automating fiscal transferscould streamline government payments and reduce administrative burdens, whileprogrammable tax enforcement could simplify compliance and recovery processes.Limited privacy capabilities may help address tax evasion and llicit financial flowsby creating a transparent and traceable audit trail. However, implementing CBDCsinvolves balancing these benefits with challenges such as privacy protection anddata security. Wide adoption requires a secure and trusted digital currency system that safeguards personal and financial information, preventing unauthorized access and cyberat-tacks. Additionally, CBDCS present risks like disintermediation and“digital dollarization”, whichrequires careful design to mitigate. Cross-border use of CBDCS could reduce transaction costsand promote economic integration among Belt and Road Initiative (BRI) jurisdictions, but coordi-nation on standards is essential to prevent regulatory competition. CBDCs have the potential toreshape financial and tax systems, being thus important to explore their design and governance.展开更多
Economists have put forward various proposals to deal with the growing risks of the global reserve currency system. In this paper we recommend that Asian economies hold each other＇s currencies as part of their foreig...Economists have put forward various proposals to deal with the growing risks of the global reserve currency system. In this paper we recommend that Asian economies hold each other＇s currencies as part of their foreign reserves. Different from crisis-fighting currency swap arrangements or crisis-rescuing fund mechanisms, this mechanism means that reserves wouM be held, with a regular arrangement in place and on an ongoing basis. We propose that the global reserve system shouM be pushed in the direction of diversification, which could be a transitional step toward a new single reserve system. This mechanism would not necessitate any currency being a globally accepted reserve currency but would mean that every currency carried some weight in the reserve system. Establishment of such a system would require significant development of regional bond markets and facilitation of macroeconomic surveillance among the economies.展开更多
In the contemporary era,characterized by the Internet and digitalization as fundamental features,the operation and application of digital currency have gradually developed into a comprehensive structural system.This s...In the contemporary era,characterized by the Internet and digitalization as fundamental features,the operation and application of digital currency have gradually developed into a comprehensive structural system.This system restores the essential characteristics of currency while providing auxiliary services related to the formation,circulation,storage,application,and promotion of digital currency.Compared to traditional currency management technologies,big data analysis technology,which is primarily embedded in digital currency systems,enables the rapid acquisition of information.This facilitates the identification of standard associations within currency data and provides technical support for the operational framework of digital currency.展开更多
This paper studies the ongoing diffusion of renminbi (RMB) trading across the globe, the first of such research of an international currency. It analyses the distribution in offshore RMB trading in 2013 and 2016 using...This paper studies the ongoing diffusion of renminbi (RMB) trading across the globe, the first of such research of an international currency. It analyses the distribution in offshore RMB trading in 2013 and 2016 using comprehensive data from the Triennial Central Bank Survey of foreign exchange markets. In 2013, Asian centers favored by the policy of RMB internationalization had disproportionate shares in global RMB trading. Over the following three years, RMB trading seemed to converge to the spatial pattern of all currencies, with a half-life of seven to eight years. The previously most traded emerging market currency, the Mexican peso, shows a similar pattern, although it is converging to the global norm more slowly. Three other emerging market currencies show a qualitatively similar evolution in the geography of their offshore trading. Overall, the RMB's internationalization is tracing an arc from the influence of administrative measures to the working of market forces.展开更多
This paper constructs an RMB/USD exchange rate index and a basket currency exchange rate index. The correlation maximization of the RMB/USD and the basket currency index may determine the weight and quantity of the ba...This paper constructs an RMB/USD exchange rate index and a basket currency exchange rate index. The correlation maximization of the RMB/USD and the basket currency index may determine the weight and quantity of the basket currency. The currency basket indicates that the weight of the USD is highest, whereas that of the GB Pound is the lowest. Our currency basket has a high linear dependence on that of the central bank. We found that the RMB/USD and currency basket indices have a long-term co-integration relationship according to the optimal currency weights. The results of the error-correcting model manifest as the RMB/USD exchange rate deviates from the long-term equilibrium level, wherein 76.3% will be corrected. This paper checks the prediction capacity, which indicates the good fit of the model. By using the Granger causality test the findings show that the People＇s Bank of China adjusts the RMB/USD exchange rate with reference to the currency basket.展开更多
The use of an intemational currency is not just a natural market phenomenon;it relies heavily on international political foundations.The historical lessons of the four major international currencies--the pound,dollar,...The use of an intemational currency is not just a natural market phenomenon;it relies heavily on international political foundations.The historical lessons of the four major international currencies--the pound,dollar,euro and yen--show that a strong partner network and a favorable international institutional environment are the two major political foundations for the formation of a stable international currency.The rise of the renminbi,as a late starter looking to become a major international currency,depends not only on the requisite economic conditions but on governmental diplomacy aimed at attracting more monetary cooperation partners and creating international institutions that support its worldwide use.This strategy reinforces the political foundations for the rise of the renminbi.Building a network of partners supporting the renminbi as an international currency and creating a system of international monetary institutions are the real tests of the issuing country's political leadership.This political leadership capacity has three dimensions:public trust founded on reputation building;a centripetal force driven by provision of benefits;and coercive force applied through sanctions.Comparatively speaking,the renminbi is still in the early stage of its ascent,so the development of its political infrastructure should concentrate mainly on gaining public trust through reputation-building and employing centripetal force involving provision of benefits.展开更多
This study investigated the extent of currency competition within the cryptocurrency market through the Hayek’s concept of the denationalization of money.Hayek’s original analysis primarily centered on competition r...This study investigated the extent of currency competition within the cryptocurrency market through the Hayek’s concept of the denationalization of money.Hayek’s original analysis primarily centered on competition revolving around the medium of the exchange function.This study posited that cryptocurrencies compete across diverse monetary functions,particularly concerning their roles as speculative stores of value and exchange media.This assertion provided insight into the distinction between Hayek’s envisaged private currencies and the cryptocurrency paradigm.Utilizing an extensive dataset encompassing 101 cryptocurrencies spanning from 2016 to 2022,an empirical exploration was conducted to scrutinize the progression and intensity of competition within the broader cryptocurrency market and its submarkets.These findings reveal a robust competition among unpegged cryptocurrencies,predominantly contending for speculative investment purposes.Similarly,there is pronounced competition among stablecoins as stable stores of value.In contrast,competition is much less pronounced concerning the medium of the exchange function,potentially entailing network effects and the emergence of monopolistic tendencies within this specific submarket.展开更多
With the promotion of digital currency,how to effectively solve the authenticity,privacy and usability of digital currency issuance has been a key problem.Redactable signature scheme(RSS)can provide the verification o...With the promotion of digital currency,how to effectively solve the authenticity,privacy and usability of digital currency issuance has been a key problem.Redactable signature scheme(RSS)can provide the verification of the integrity and source of the generated sub-documents and solve the privacy problem in digital currency by removing blocks from the signed documents.Unfortunately,it has not realized the consolidation of signed documents,which can not solve the problem of merging two digital currencies.Now,we introduce the concept of weight based on the threshold secret sharing scheme(TSSS)and present a redactable signature scheme with merge algorithm(RSS-MA)using the quasi-commutative accumulator.Our scheme can reduce the communication overhead by utilizing the merge algorithm when transmitting multiple digital currency signatures.Furthermore,this can effectively hide the scale of users’private monetary assets and the number of transactions between users.While meeting the three properties of digital currency issuance,in order to ensure the availability of digital currency after redacting,editors shall not remove the relevant identification information block form digital currency.Finally,our security proof and the analysis of efficiency show that RSS-MA greatly improves the communication and computation efficiency when transmitting multiple signatures.展开更多
The MBTI assessment has become a hot topic online and a common method for netizens to identify themselves across China’s social platforms.These netizens generally consider the results of their MBTI assessments as per...The MBTI assessment has become a hot topic online and a common method for netizens to identify themselves across China’s social platforms.These netizens generally consider the results of their MBTI assessments as personal emblems suitable for public display,leading to a remarkably widespread cultural phenomenon.Through structured interviews,this study has found that Internet users are experiencing a psychological crisis of identity due to the dual influences of technological embodiment and the meta-media ecology revolution.Moreover,their behavior on social platforms can be regarded as an invisible form of affective labor.To date,researchers have not paid adequate attention to the immense popularity of MBTI assessment in China,and they have not fully investigated whether MBTI assessment is a symbolic representation of the current identity crisis in the context of meta-media and digital labor.This study has two purposes:First,this study aims to explore whether the dynamic interactions of the MBTI assessment are a form of social currency.Second,it aims to construct an MBTI topic production chain to help understand MBTI’s underlying mechanisms regarding the interactions,the reasons behind its popularity,and the reflection on broader social phenomena.展开更多
To harness the potential of financial technology and digital currency and enhance the competitiveness of the traditional financial industry,this paper briefly elucidates the concepts of financial technology and digita...To harness the potential of financial technology and digital currency and enhance the competitiveness of the traditional financial industry,this paper briefly elucidates the concepts of financial technology and digital currency,along with their current development status.Furthermore,it analyzes the impact of financial technology and digital currency on the traditional financial industry,aiming to enrich research outcomes in this field and propel the development of traditional financial institutions in China.展开更多
With the rapid advancement of network technology,new payment methods represented by Q coins and game currencies have entered a phase of significant growth.However,these payment methods have a limited scope of applicat...With the rapid advancement of network technology,new payment methods represented by Q coins and game currencies have entered a phase of significant growth.However,these payment methods have a limited scope of application and lack the legal status of fiat currency.The rise of digital currency has profoundly impacted the authority of traditional currency systems.Distinguished by robust payment capabilities,digital currency differs significantly from traditional currency.Yet,due to its relatively brief history,a globally unified definition has yet to be established.Consequently,there is an urgent need to enhance the regulation of digital currency through legislative measures to ensure its orderly and sustainable development.展开更多
This study examines the portfolio diversification benefits of alternative currency trading in Bitcoin and foreign exchange markets.The following methods are applied for the analysis:the spillover index method of Diebo...This study examines the portfolio diversification benefits of alternative currency trading in Bitcoin and foreign exchange markets.The following methods are applied for the analysis:the spillover index method of Diebold and Yilmaz(Int J Forecast 28(1):57–66,2012.https://doi.org/10.1016/j.ijfor ecast.2011.02.006),the spillover asymmetry measures of Barunik et al.(J Int Money Finance 77:39–56,2017.https://doi.org/10.1016/j.jimon fin.2017.06.003),and the frequency connectedness method of Barunik and Křehlik(J Financ Econom 16(2):271–296,2018.https://doi.org/10.1093/jjfin ec/nby001).The findings identify the presence of low-level integration and asymmetric volatility spillover as well as a dominant role of short horizon spillover among Bitcoin markets and foreign exchange pairs for six major trading currencies(US dollar,euro,Japanese yen,British pound sterling,Australian dollar,and Canadian dollar).Bitcoin is found to provide significant portfolio diversification benefits for alternative currency foreign exchange portfolios.Alternative currency Bitcoin trading in euro is found to provide the most significant portfolio diversification benefits for foreign exchange portfolios consisting of major trading currencies.The findings of the study regarding spillover dynamics and portfolio diversification capabilities of the Bitcoin market for foreign exchange markets of major trading currencies have significant implications for portfolio diversification and risk minimization.展开更多
Blockchain technology is a shared database of logs of all consumer transactions which are registered on all machines on a network.Both transactions in the system are carried out by consensus processes and to preserve ...Blockchain technology is a shared database of logs of all consumer transactions which are registered on all machines on a network.Both transactions in the system are carried out by consensus processes and to preserve confidentiality all thefiles contained cannot be changed.Blockchain technology is the fundamental software behind digital currencies like Bitcoin,which is common in the marketplace.Cloud computing is a method of using a network of external machines to store,monitor,and process information,rather than using the local computer or a local personal computer.The software is currently facing multiple problems including lack of data protection,data instability,and reliability.This paper aims to give the highest security for multiple user environments in cloud for storing and accessing the data in blocks.The users who are legitimate are only allowed for storing and accessing the data as like a secured block chain approach.As like the Blockchain which does not require a centralized system for transactions,the proposed system is also independent on centralized network interface.The decentralized system is developed in such a way to avoid counterfeiting.The system enables the fabricator to spend less or null resources to perform the validations for its direct operated stores.This ensures the product fabricator to avoid the circulation of its duplicate products.The customer as an end-user is also ensured to have only the genuine products from the fabricator.The Fabricator(F),Merchant(M)and consumer(C)forms an interconnected triangular structure without allowing any counterfeiting agents in their secured cloud chain.The pro-posed approach provides the stability in the security system of the cloud using the chaining mechanism within different blocks at each node.It takes roughly 4.7,6.2,and 7.5 ms,respectively,to register each node in the proposed system for 5,10,and 15 nodes.The overall registration time for each scenario is 11.9,26.2,and 53.1 ms,despite the fact that each node’s registration time was greatest for 10 nodes.By looking at the data,it’s clear that the number of nodes is a func-tion of time.展开更多
文摘This paper analyzes the advantages of legal digital currencies and explores their impact on bank big data practices.By combining bank big data collection and processing,it clarifies that legal digital currencies can enhance the efficiency of bank data processing,enrich data types,and strengthen data analysis and application capabilities.In response to future development needs,it is necessary to strengthen data collection management,enhance data processing capabilities,innovate big data application models,and provide references for bank big data practices,promoting the transformation and upgrading of the banking industry in the context of legal digital currencies.
基金supported by FCT,I.P,the Portuguese national funding agency for science,research and technology under the Project UIDB/04521/2020.
文摘This study investigates the static and dynamic return and volatility spillovers between non-fungible tokens(NFTs)and conventional currencies using the time-varying parameter vector autoregressions approach.We reveal that the total connectedness between these markets is weak,implying that investors may increase the diversification benefits of their multicurrency portfolios by adding NFTs.We also find that NFTs are net transmitters of both return and volatility spillovers;however,in the case of return spillovers,the influence of NFTs on conventional currencies is more pronounced than that of volatility shock transmissions.The dynamic exercise reveals that the returns and volatility spillovers vary over time,largely increasing during the onset of the Covid-19 crisis,which deeply affected the relationship between NFTs and the conventional currencies markets.Our findings are useful for currency traders and NFT investors seeking to build effective cross-currency and cross-asset hedge strategies during systemic crises.
文摘This study examines the connectedness between the US yield curve components(i.e.,level,slope,and curvature),exchange rates,and the historical volatility of the exchange rates of the main safe-haven fiat currencies(Canada,Switzerland,EURO,Japan,and the UK)and the leading cryptocurrency,the Bitcoin.Results of the static analysis show that the level and slope of the yield curve are net transmitters of shocks to both the exchange rate and its volatility.The exchange rate of the Euro and the volatility of the Euro and the Canadian dollar exchange rate are net transmitters of shocks.Meanwhile,the curvature of the yield curve and the Japanese Yen,Swiss Franc,and British Pound act mainly as net receivers.Our static connectedness analysis shows that Bitcoin is mainly independent of shocks from the yield curve’s level,slope,and curvature,and from any main currency investigated.These findings hint that Bitcoin might provide hedging benefits.However,similar to the static analysis,our dynamic analysis shows that during different periods and particularly in stressful times,Bitcoin is far from being isolated from other currencies or the yield curve components.The dynamic analysis allows us to observe Bitcoin’s connectedness in times of stress.Evidence supporting this contention is the substantially increased connectedness due to policy shocks,political uncertainty,and systemic crisis,implying no empirical support for Bitcoin’s safe-haven property during stress times.The increased connectedness in the dynamic analysis compared with the static approach implies that in normal times and especially in stressful times,Bitcoin has the property of a diversifier.The results may have important implications for investors and policymakers regarding their risk monitoring and their assets allocation and investment strategies.
基金Supported by Institutional Grant by Council of Scientific and Industrial Research-Indian Institute of Chemical Biology,Kolkata,No.MLP-118。
文摘BACKGROUND The recent rise in the incidence of hepatitis B virus(HBV)infections in a densely populated city of eastern India(“mixing vessel”of people of varied socioeconomic and immune status)prompted this study.Applying saliva on fingers for enumerating bank notes is a common practice in the Indian subcontinent.Paper notes may be a potential source of“horizontal”transmission of this virus,especially if there are cuts/bruises on the oral mucous membrane or skin.AIM To investigate whether paper currencies could be a plausible mode of horizontal transmission of HBV infection.METHODS Polymerase chain reactions(PCR)followed by nucleotide sequencing was done for the detection of HBV.Hepatitis B virus surface antigen enzyme-linked immunosorbent assay(HBsAg ELISA)was performed on all HBV deoxyribonucleic acid-positive samples to check the detectability of the virus.Atomic force microscopy(AFM)was carried out for visual confirmation of HBV particles in ultracentrifuged/immunoprecipitated samples from currency paper washings.RESULTS HBV-specific PCRs on pellets obtained after ultracentrifugation/immunoprecipitation of the currency paper washings detected potentially intact/viable HBV(genotype D2)in 7.14%of samples(n=70).AFM gave the visual confirmation of HBV particles in ultracentrifuged/immunoprecipitated samples from currency paper washings.However,HBV isolates from the currency notes could not be detected by HBsAg ELISA.CONCLUSION It is a common practice in the Indian subcontinent to count paper currencies by applying saliva on fingertips.Paper notes may be a potential source of“horizontal”transmission of this virus,especially if there are cuts/bruises on the oral mucous membrane or skin,but it was practically not possible to demonstrate experimentally such transmission.Detection of potentially intact/viable and“occult”HBV from currency poses potential risk of silent transmission of this virus among the general population.
文摘The earliest paper currencies in existence in China were handcrafted during the Yuan dynasty.These currencies were scientifically excavated from different ruins or tombs,whereas scientific analyses of the papers are rare.This study used optical and scanning electron microscopy to examine the fibers collected in Yuan dynasty paper currencies in conjunction with the Herzberg staining method.Despite differences in circulation period,paper fibers in both Zhi Yuan Tong Xing Bao Chao(two Guan)and Zhong Tong Yuan Bao Jiao Chao(one Guan and 500 Wen,issued in Zhi Zheng period)were identified as similar papermaking materials,bast fibers of mulberry bark.The results indicate that mulberry bark,a durable papermaking material used since ancient times,was mainly utilized as a raw material in these Yuan dynasty paper currency.This fiber identification work solved the critical problem of papermaking material in the Yuan dynasty paper currency and provided important information for conserving these precious cultural relics.
文摘Central Bank Digital Currencies (CBDCs) may offer transformativeopportunities for tax policy and administration, particularly if features like program-mability and enhanced transparency are implemented. Automating fiscal transferscould streamline government payments and reduce administrative burdens, whileprogrammable tax enforcement could simplify compliance and recovery processes.Limited privacy capabilities may help address tax evasion and llicit financial flowsby creating a transparent and traceable audit trail. However, implementing CBDCsinvolves balancing these benefits with challenges such as privacy protection anddata security. Wide adoption requires a secure and trusted digital currency system that safeguards personal and financial information, preventing unauthorized access and cyberat-tacks. Additionally, CBDCS present risks like disintermediation and“digital dollarization”, whichrequires careful design to mitigate. Cross-border use of CBDCS could reduce transaction costsand promote economic integration among Belt and Road Initiative (BRI) jurisdictions, but coordi-nation on standards is essential to prevent regulatory competition. CBDCs have the potential toreshape financial and tax systems, being thus important to explore their design and governance.
文摘Economists have put forward various proposals to deal with the growing risks of the global reserve currency system. In this paper we recommend that Asian economies hold each other＇s currencies as part of their foreign reserves. Different from crisis-fighting currency swap arrangements or crisis-rescuing fund mechanisms, this mechanism means that reserves wouM be held, with a regular arrangement in place and on an ongoing basis. We propose that the global reserve system shouM be pushed in the direction of diversification, which could be a transitional step toward a new single reserve system. This mechanism would not necessitate any currency being a globally accepted reserve currency but would mean that every currency carried some weight in the reserve system. Establishment of such a system would require significant development of regional bond markets and facilitation of macroeconomic surveillance among the economies.
文摘In the contemporary era,characterized by the Internet and digitalization as fundamental features,the operation and application of digital currency have gradually developed into a comprehensive structural system.This system restores the essential characteristics of currency while providing auxiliary services related to the formation,circulation,storage,application,and promotion of digital currency.Compared to traditional currency management technologies,big data analysis technology,which is primarily embedded in digital currency systems,enables the rapid acquisition of information.This facilitates the identification of standard associations within currency data and provides technical support for the operational framework of digital currency.
文摘This paper studies the ongoing diffusion of renminbi (RMB) trading across the globe, the first of such research of an international currency. It analyses the distribution in offshore RMB trading in 2013 and 2016 using comprehensive data from the Triennial Central Bank Survey of foreign exchange markets. In 2013, Asian centers favored by the policy of RMB internationalization had disproportionate shares in global RMB trading. Over the following three years, RMB trading seemed to converge to the spatial pattern of all currencies, with a half-life of seven to eight years. The previously most traded emerging market currency, the Mexican peso, shows a similar pattern, although it is converging to the global norm more slowly. Three other emerging market currencies show a qualitatively similar evolution in the geography of their offshore trading. Overall, the RMB's internationalization is tracing an arc from the influence of administrative measures to the working of market forces.
基金The author would like to thank the research support from the National Nature Science Foundation of China （70673011, 71173042） and the National Social Science Fund Major Projects （11＆ZD018）, Later Grants from the Chinese Ministry of Education （12JHQ030） and Research and Innovation Projects of the Shanghai Municipal Committee of Education （13ZS010）. The author is deeply indebted to Professor Thomas C. Chiang for his advice and useful help in the completion of this paper, and also acknowledges the comments and suggestions of two anonymous referees. Any remaining errors are my own responsibility.
文摘This paper constructs an RMB/USD exchange rate index and a basket currency exchange rate index. The correlation maximization of the RMB/USD and the basket currency index may determine the weight and quantity of the basket currency. The currency basket indicates that the weight of the USD is highest, whereas that of the GB Pound is the lowest. Our currency basket has a high linear dependence on that of the central bank. We found that the RMB/USD and currency basket indices have a long-term co-integration relationship according to the optimal currency weights. The results of the error-correcting model manifest as the RMB/USD exchange rate deviates from the long-term equilibrium level, wherein 76.3% will be corrected. This paper checks the prediction capacity, which indicates the good fit of the model. By using the Granger causality test the findings show that the People＇s Bank of China adjusts the RMB/USD exchange rate with reference to the currency basket.
文摘The use of an intemational currency is not just a natural market phenomenon;it relies heavily on international political foundations.The historical lessons of the four major international currencies--the pound,dollar,euro and yen--show that a strong partner network and a favorable international institutional environment are the two major political foundations for the formation of a stable international currency.The rise of the renminbi,as a late starter looking to become a major international currency,depends not only on the requisite economic conditions but on governmental diplomacy aimed at attracting more monetary cooperation partners and creating international institutions that support its worldwide use.This strategy reinforces the political foundations for the rise of the renminbi.Building a network of partners supporting the renminbi as an international currency and creating a system of international monetary institutions are the real tests of the issuing country's political leadership.This political leadership capacity has three dimensions:public trust founded on reputation building;a centripetal force driven by provision of benefits;and coercive force applied through sanctions.Comparatively speaking,the renminbi is still in the early stage of its ascent,so the development of its political infrastructure should concentrate mainly on gaining public trust through reputation-building and employing centripetal force involving provision of benefits.
文摘This study investigated the extent of currency competition within the cryptocurrency market through the Hayek’s concept of the denationalization of money.Hayek’s original analysis primarily centered on competition revolving around the medium of the exchange function.This study posited that cryptocurrencies compete across diverse monetary functions,particularly concerning their roles as speculative stores of value and exchange media.This assertion provided insight into the distinction between Hayek’s envisaged private currencies and the cryptocurrency paradigm.Utilizing an extensive dataset encompassing 101 cryptocurrencies spanning from 2016 to 2022,an empirical exploration was conducted to scrutinize the progression and intensity of competition within the broader cryptocurrency market and its submarkets.These findings reveal a robust competition among unpegged cryptocurrencies,predominantly contending for speculative investment purposes.Similarly,there is pronounced competition among stablecoins as stable stores of value.In contrast,competition is much less pronounced concerning the medium of the exchange function,potentially entailing network effects and the emergence of monopolistic tendencies within this specific submarket.
基金supported by Support Plan of Scientific and Technological Innovation Team in Universities of Henan Province(20IRTSTHN013)Shaanxi Key Laboratory of Information Communication Network and Security,Xi’an University of Posts&Telecommunications,Xi’an,Shaanxi 710121,China(ICNS202006)The National Natural Science Fund(No.61802117).
文摘With the promotion of digital currency,how to effectively solve the authenticity,privacy and usability of digital currency issuance has been a key problem.Redactable signature scheme(RSS)can provide the verification of the integrity and source of the generated sub-documents and solve the privacy problem in digital currency by removing blocks from the signed documents.Unfortunately,it has not realized the consolidation of signed documents,which can not solve the problem of merging two digital currencies.Now,we introduce the concept of weight based on the threshold secret sharing scheme(TSSS)and present a redactable signature scheme with merge algorithm(RSS-MA)using the quasi-commutative accumulator.Our scheme can reduce the communication overhead by utilizing the merge algorithm when transmitting multiple digital currency signatures.Furthermore,this can effectively hide the scale of users’private monetary assets and the number of transactions between users.While meeting the three properties of digital currency issuance,in order to ensure the availability of digital currency after redacting,editors shall not remove the relevant identification information block form digital currency.Finally,our security proof and the analysis of efficiency show that RSS-MA greatly improves the communication and computation efficiency when transmitting multiple signatures.
基金funded by National Natural Science Foundation of China(NSFC):Research on Value Co-Creation Mechanisms and Models of Digital Content Production under AIGC Participation(72374171)Xihua University Science and Technology Innovation Competition Project for Postgraduate Students:“Generative Artificial Intelligence(GAI)+Cultural Tourism”Science and Technology Innovation Project(YK20240273).
文摘The MBTI assessment has become a hot topic online and a common method for netizens to identify themselves across China’s social platforms.These netizens generally consider the results of their MBTI assessments as personal emblems suitable for public display,leading to a remarkably widespread cultural phenomenon.Through structured interviews,this study has found that Internet users are experiencing a psychological crisis of identity due to the dual influences of technological embodiment and the meta-media ecology revolution.Moreover,their behavior on social platforms can be regarded as an invisible form of affective labor.To date,researchers have not paid adequate attention to the immense popularity of MBTI assessment in China,and they have not fully investigated whether MBTI assessment is a symbolic representation of the current identity crisis in the context of meta-media and digital labor.This study has two purposes:First,this study aims to explore whether the dynamic interactions of the MBTI assessment are a form of social currency.Second,it aims to construct an MBTI topic production chain to help understand MBTI’s underlying mechanisms regarding the interactions,the reasons behind its popularity,and the reflection on broader social phenomena.
文摘To harness the potential of financial technology and digital currency and enhance the competitiveness of the traditional financial industry,this paper briefly elucidates the concepts of financial technology and digital currency,along with their current development status.Furthermore,it analyzes the impact of financial technology and digital currency on the traditional financial industry,aiming to enrich research outcomes in this field and propel the development of traditional financial institutions in China.
文摘With the rapid advancement of network technology,new payment methods represented by Q coins and game currencies have entered a phase of significant growth.However,these payment methods have a limited scope of application and lack the legal status of fiat currency.The rise of digital currency has profoundly impacted the authority of traditional currency systems.Distinguished by robust payment capabilities,digital currency differs significantly from traditional currency.Yet,due to its relatively brief history,a globally unified definition has yet to be established.Consequently,there is an urgent need to enhance the regulation of digital currency through legislative measures to ensure its orderly and sustainable development.
文摘This study examines the portfolio diversification benefits of alternative currency trading in Bitcoin and foreign exchange markets.The following methods are applied for the analysis:the spillover index method of Diebold and Yilmaz(Int J Forecast 28(1):57–66,2012.https://doi.org/10.1016/j.ijfor ecast.2011.02.006),the spillover asymmetry measures of Barunik et al.(J Int Money Finance 77:39–56,2017.https://doi.org/10.1016/j.jimon fin.2017.06.003),and the frequency connectedness method of Barunik and Křehlik(J Financ Econom 16(2):271–296,2018.https://doi.org/10.1093/jjfin ec/nby001).The findings identify the presence of low-level integration and asymmetric volatility spillover as well as a dominant role of short horizon spillover among Bitcoin markets and foreign exchange pairs for six major trading currencies(US dollar,euro,Japanese yen,British pound sterling,Australian dollar,and Canadian dollar).Bitcoin is found to provide significant portfolio diversification benefits for alternative currency foreign exchange portfolios.Alternative currency Bitcoin trading in euro is found to provide the most significant portfolio diversification benefits for foreign exchange portfolios consisting of major trading currencies.The findings of the study regarding spillover dynamics and portfolio diversification capabilities of the Bitcoin market for foreign exchange markets of major trading currencies have significant implications for portfolio diversification and risk minimization.
文摘Blockchain technology is a shared database of logs of all consumer transactions which are registered on all machines on a network.Both transactions in the system are carried out by consensus processes and to preserve confidentiality all thefiles contained cannot be changed.Blockchain technology is the fundamental software behind digital currencies like Bitcoin,which is common in the marketplace.Cloud computing is a method of using a network of external machines to store,monitor,and process information,rather than using the local computer or a local personal computer.The software is currently facing multiple problems including lack of data protection,data instability,and reliability.This paper aims to give the highest security for multiple user environments in cloud for storing and accessing the data in blocks.The users who are legitimate are only allowed for storing and accessing the data as like a secured block chain approach.As like the Blockchain which does not require a centralized system for transactions,the proposed system is also independent on centralized network interface.The decentralized system is developed in such a way to avoid counterfeiting.The system enables the fabricator to spend less or null resources to perform the validations for its direct operated stores.This ensures the product fabricator to avoid the circulation of its duplicate products.The customer as an end-user is also ensured to have only the genuine products from the fabricator.The Fabricator(F),Merchant(M)and consumer(C)forms an interconnected triangular structure without allowing any counterfeiting agents in their secured cloud chain.The pro-posed approach provides the stability in the security system of the cloud using the chaining mechanism within different blocks at each node.It takes roughly 4.7,6.2,and 7.5 ms,respectively,to register each node in the proposed system for 5,10,and 15 nodes.The overall registration time for each scenario is 11.9,26.2,and 53.1 ms,despite the fact that each node’s registration time was greatest for 10 nodes.By looking at the data,it’s clear that the number of nodes is a func-tion of time.
